Former authorised adviser for United Global Capital (UGC), Stephen Rogers, has had his registration prohibition order increased from two years to three following a review by the Administrative Review Tribunal (ART).
Rogers originally had a registration prohibition order made by the Financial Services and Credit Panel (FSCP) in 2023, regarding SMSF-related advice, for a two year-period which he then sought to have reviewed by the ART.
The registration prohibition order stops Rogers from being registered with the Australian Securities and Investment Commission (ASIC) during the prohibition period and prevents him from giving personal advice to retail clients on relevant financial products during that period.
“ASIC convened a sitting panel of the FSCP for Mr Rogers as part of ASIC’s cross-sector priority to deter cold calling superannuation switching business models which has the broader aim of protecting consumers from cold calling practices that induce inappropriate superannuation switching and result in the erosion of members’ superannuation balances,” the regulator said in a statement.
The prohibition relates to advice Rogers gave while authorised by UGC that was non-compliant. The FSCP found he inappropriately used a scaled advice model which did not consider the suitability of establishing an SMSF, nor the suitability of the SMSF investing into product related to Rogers’ licensee. FSCP also found he used an inappropriate rate of return in the benefit comparison in the Statement of Advice.
The original registration prohibition was made in December 2023, however on 3 May 2024 the ART granted Rogers a stay of the registration prohibition provided he did not provide scoped advice for the duration of the stay.
The new three-year ban was imposed on 7 April 2026, however on 24 April 2026, ART said it would take into account the earlier non-registration period from 7 December 2023 and 2 May 2024, meaning the new three-year prohibition would end on 27 November 2028.
